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Donald Trump’s pitch to send Americans $5,000 checks should Republicans prevail in the November midterms is drawing scorn from some members of Congress — the very people who have constitutional authority over federal spending. Economists and other political observers are voicing concerns about the potential effects on inflation and the national balance sheet. Taken together, it’s a swift reaction that makes clear that Trump's dubious election-year gambit is little more than another grand promise from a politician with a long history of them. Trump previously pledged to use savings from the Department of Government Efficiency and revenue from tariffs on foreign imports to distribute payments of $2,000 or more, but none of that came to pass.

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U.S. stocks fell in their return to trading from a three-day weekend after the latest fighting in the war with Iran pushed oil prices higher. The S&P 500 sank 0.6% Tuesday. The Dow Jones Industrial Average dropped 1.2%, and the Nasdaq composite slipped 0.3%. They felt pressure after the cost for a barrel of Brent briefly neared $99.50. More expensive oil has worsened worries about inflation and is giving extra heft to a couple of reports on inflation that are coming later this week. They will be the final updates the Federal Reserve hears on inflation before its meeting on interest rates next week.

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A gasoline station advertises its prices Thursday, Sept. 3, 2026, in Miami Beach, Fla. (AP Photo/Marta Lavandier)

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FILE - Cypress trees grow in Heron Pond in the Shawnee National Forest near Belknap, Ill., April 9, 2013. (AP Photo/Seth Perlman, File)

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Iranian attacks have targeted U.S. allies across the Gulf as renewed fighting with the United States ended a monthlong lull. An Iranian drone sparked a fire at a residential complex in Kuwait City without causing casualties, while Bahrain intercepted incoming drones. Other attacks overnight and into Wednesday targeted Jordan, the United Arab Emirates and Iraq’s Kurdish region. The escalation followed U.S. strikes on Iran, including one that Iranian state media say hit a wedding party, killing at least four people and wounding 68. The six-month war has led to a spike in oil prices, roiled the global economy and is posing increasing political problems for U.S. President Donald Trump’s Republican Party ahead of November midterm elections.